The DOI matches its Crossref record; 89 of the 93 references it cites were found in a registry or an index, and 4 are not checked yet.
Financialization of Commodity Markets
Open accessAbstract
The large inflow of investment capital to commodity futures markets in the past decade has generated a heated debate about whether financialization distorts commodity prices. Rather than focusing on the opposing views concerning whether investment flows caused a price bubble, we critically review academic studies through the perspective of how financial investors affect risk sharing and information discovery in commodity markets. We argue that financialization has substantially changed commodity markets through these mechanisms.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Claims other papers make about this one
Each is checked against this paper’s own text: does it say what the citing paper says it does?
The source backs part of the claim, not all of it — or backs it for a different population, condition or comparison.
In the citing paper
“The involvement of these actors has exacerbated price volatility in food markets, linking food prices with the fluctuations of other financial assets, particularly during crises, as witnessed in the 2008 global recession”
From Food Financialization: Impact of Derivatives and Index Funds on Agri-Food Market Volatility (2024) · cites this paper as Cheng and Xiong 2014
Experimental — accuracy not yet measuredThe source backs part of the claim, not all of it — or backs it for a different population, condition or comparison.
In the citing paper
“The involvement of these actors has exacerbated price volatility in food markets, linking food prices with the fluctuations of other financial assets, particularly during crises, as witnessed in the 2008 global recession”
From Food Financialization: Impact of Derivatives and Index Funds on Agri-Food Market Volatility (2024) · cites this paper as Cheng and Xiong 2014
Experimental — accuracy not yet measuredThe source backs part of the claim, not all of it — or backs it for a different population, condition or comparison.
In the citing paper
“This interconnexion between the food system and the financial sector increases food price volatility, particularly during economic downturns like the 2008 recession (Cheng and Xiong 2014; Liu and Tang 2010).”
From Food Financialization: Impact of Derivatives and Index Funds on Agri-Food Market Volatility (2024) · cites this paper as Cheng and Xiong 2014
Experimental — accuracy not yet measured
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03807.x · Cited by 5,291
Market Liquidity and Funding Liquidity
Brunnermeier, M. K., & Pedersen, L. H. (2008) · Review of Financial Studies · doi:10.1093/rfs/hhn098 · Cited by 5,014
Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market
Kilian, L. (2009) · American Economic Review · doi:10.1257/aer.99.3.1053 · Cited by 4,708
No Contagion, Only Interdependence: Measuring Stock Market Comovements
Forbes, K. J., & C, R. R. B. (2002) · The Journal of Finance · doi:10.1111/0022-1082.00494 · Cited by 4,657
The Economics of Exhaustible Resources
Hotelling, H. (1931) · Journal of Political Economy · doi:10.1086/254195 · Cited by 4,484
On the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
Angrist, J. D., & Pischke, J.-S. (2010) · Journal of Economic Perspectives · doi:10.1257/jep.24.2.3 · Cited by 1,566
THE ROLE OF INVENTORIES AND SPECULATIVE TRADING IN THE GLOBAL MARKET FOR CRUDE OIL
Kilian, L., & Murphy, D. P. (2014) · Journal of Applied Econometrics · doi:10.1002/jae.2322 · Cited by 1,472
Facts and Fantasies about Commodity Futures
Gorton, G. B., & Rouwenhorst, K. G. (2006) · Financial Analysts Journal · doi:10.2469/faj.v62.n2.4083 · Cited by 1,384
He, Z., & Krishnamurthy, A. (2013) · American Economic Review · doi:10.1257/aer.103.2.732 · Cited by 1,352
Research works printed but not linked: 15
- Baker SD, Routledge BR. 2012. The price of oil risk. Work. Pap., Carnegie Mellon Univ.
- Brennan M, 1958, Am. Econ. Rev., 48, 50
- Brennan M, 1991, Stochastic Models and Option Models, 33
- Carney M, 2008, BIS Rev, 80, 1
- Grossman S, 1980, Am. Econ. Rev., 70, 393
- Hamilton J, 2005, The New Palgrave Dictionary of Economics, 201
- Hicks, 1939, Value and Capital
- Kang WK, Rouwenhorst G, Tang K. 2013. The role of hedgers and speculators in liquidity provision to commodity futures markets. Work. Pap., Yale Univ. · DOI
- Obstfeld M, 1996, Foundations of International Macroeconomics
- Roll R, 1984, Am. Econ. Rev., 74, 861
- Samuelson P, 1965, Ind. Manag. Rev., 6, 41
- Singleton K, 2012, Manag. Sci. 60:300–18
- Stoll H, 2010, J. Appl. Finance, 1, 1
- Working H, 1949, Am. Econ. Rev., 39, 1254
- Working H, 1960, Food Res. Inst. Ser., 1, 185
Cited by
Sorted by citations
Items 601–700 of 845
Yadav, P., & Giri, J. N. (2023) · ShodhKosh Journal of Visual and Performing Arts · doi:10.29121/shodhkosh.v4.i1.2023.3518 · Cited by 1
Topological Properties of International Commodity Market: How Uncertainty Affects the Linkages?
Yağlı, İ., & Deviren, B. (2025) · Agribusiness · doi:10.1002/agr.22043 · Cited by 1
Cost-benefit framework for policy action to navigate food price spikes
Kalkuhl, M., Haile, M., Kornher, L., & Kozicka, M. (2015) · AgEcon Search (University of Minnesota, USA) · doi:10.22004/ag.econ.285174 · Cited by 1
Cao, W., Duan, X., Linn, S. C., & Six, P. (2025) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2025.107611 · Cited by 1
China’s financial spillovers to emerging markets
Campos, R. G., Manu, A.-S., Molina, L., & Suárez-Varela, M. (2026) · Journal of International Money and Finance · doi:10.1016/j.jimonfin.2026.103538 · Cited by 1
Commodity financialization and electronification: evidence from high-frequency data
Lauter, T., Prokopczuk, M., & Trück, S. (2026) · Review of Derivatives Research · doi:10.1007/s11147-026-09235-w · Cited by 1
Towards fiscal coordination in South America: A proposal based on inter-country fiscal multipliers
Landau, M. T. (2020) · Cuadernos de Economía · doi:10.15446/cuad.econ.v39n80.82613 · Cited by 1
Performance (and) Persistence in Commodity FundsPreprint
Blocher, J., Cooper, R., & Molyboga, M. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2658153 · Cited by 1
Liquidity Spillovers Across Assets ClassesPreprint
Zafeiridou, C. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2688263 · Cited by 1
Kurzfristige Dynamik von Preisbildungsprozessen deutscher AgrarrohstoffePreprint
Bohl, M. T., Ott, H., & von Ledebur, E. (2015) · RePEc: Research Papers in Economics · doi:10.3220/rep_28_2015urn:nbn:de:gbv:253-201505-dn055167-7 · Cited by 1
Commodities, Financialization, and Heterogeneous AgentsPreprint
Branger, N., Grrning, P., & Schlag, C. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2759314 · Cited by 1
Exploring Commodity Trading Activity: An Integrated Analysis of Swaps and FuturesPreprint
Mixon, S., Onur, E., & Riggs, L. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2888993 · Cited by 1
Analyzing the Structural Transformation of Commodity Markets: Financialization RevisitedPreprint
Natoli, F. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3128191 · Cited by 1
Financialisation and the Term Structure of Commodity Risk PremiumsPreprint
Hambur, J., & Stenner, N. (2017) · RePEc: Research Papers in Economics · Cited by 1
A Hiding Place? Diversification, Financialization, and Return Comovement in Commodity MarketsPreprint
Chen, Y. J., Dai, W., & Sorescu, S. M. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3287568 · Cited by 1
Spreading Positions and the Commodity Futures Risk PremiumPreprint
Gong, Y., Gozluklu, A. E., & Kim, G. H. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3610694 · Cited by 1
World Shocks, World Prices, and Business Cycles : An Empirical Investigation
Fernández, A., Schmitt‐Grohé, S., & Uribe, M. (2017) · doi:10.18235/0000721 · Cited by 1
Sifat, I. M., Ghafoor, A., & Mand, A. A. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3754672 · Cited by 1
Financeirização na educação superior privada brasileira
de Andrade, L. B. (2018) · doi:10.47749/t/unicamp.2018.1052036 · Cited by 1
Measuring Financial Investor Presence through Term Structure DeflectionPreprint
Adams, Z., Collot, S., & Kirilenko, A. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4147678 · Cited by 1
Han, M. (2022) · University of Groningen research database (University of Groningen / Centre for Information Technology) · doi:10.33612/diss.238497592 · Cited by 1
Price Destabilizing Speculation: The Role of Strategic Limit Orders
Banerjee, S., Jagannathan, R., & Wang, K. (2023) · National Bureau of Economic Research · doi:10.3386/w30828 · Cited by 1
Trading Suspensions and Food Price InflationPreprint
Aggarwal, N., Chatterjee, T., & Sehgal, K. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4407637 · Cited by 1
Corporate Financial Investment: A Response to Government SubsidiesPreprint
Wang, Y. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4459359 · Cited by 1
Real Effects of Carbon FinancializationPreprint
Chen, Z. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4829942 · Cited by 1
Energy Prices and the Carbon PremiumPreprint
Bolton, P. G. M., Kacperczyk, M. T., & Wang, T. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4847591 · Cited by 1
Investor Sentiment in the Canadian Energy Service Sector
Taggart, R. (2024) · doi:10.11575/prism/43385 · Cited by 1
Financialization of Commodity : the Role of Financial Investors in Commodity Markets
Isleimeyyeh, M. (2017) · theses.fr (ABES) · doi:10.70675/d80937ffzd09cz421fz9cb8zd6781b4a68e2 · Cited by 1
Shock Propagation Across the Futures Term Structure: Evidence from Crude Oil PricesPreprint
Lautier, D., Raynaud, F., & Robe, M. A. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2430168
No–arbitrage commodity option pricing with market manipulation
Aïd, R., Callegaro, G., & Campi, L. (2020) · Mathematics and Financial Economics · doi:10.1007/s11579-020-00265-y
Testing for asymmetric causality from U.S. equity returns to commodity futures returnsPreprint
Nguyen, D. K., Sousa, R. M., & Uddin, G. S. (2014) · RePEc: Research Papers in Economics
Global commodities and African stocks: insights for hedging and diversification strategiesPreprint
Boako, G. (2015) · RePEc: Research Papers in Economics
A Pigovian Approach in a Globalizing Financial Industry
Nijs, L. (2016) · Palgrave Macmillan UK eBooks · doi:10.1007/978-1-137-53556-6_6
The Financialization of the Term Structure of Risk Premia in Commodity MarketsPreprint
Jaeck, É. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2843464
Financialisation of goods in China
Liu, Z. (2017) · Economic and Political Studies · doi:10.1080/20954816.2016.1274521
Essays on commodity dynamics, volatility, and interaction
Ou, K. (2017) · DR-NTU (Nanyang Technological University) · doi:10.32657/10356/69724
Examining the influence of intellectuals on commodity speculation
Field, S. (2017) · Geoforum · doi:10.1016/j.geoforum.2017.05.005
Futures, Commodities, and Rice Bowls
Le, N.-P. (2017) · DigitalGeorgetown (Georgetown University Library)
Essays on commodity investing and volatility risk
Yan, L. (2017) · Illinois Digital Environment for Access to Learning and Scholarship (University of Illinois at Urbana-Champaign)
Nonlinear Intermediary Pricing in the Oil Futures MarketPreprint
Bierbaumer, D., Rieth, M. H., & Velinov, A. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3132355
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0012
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0002
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0005
China’s Economic Expansion in Latin America and the Caribbean
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0009
China’s Economic Impacts on Latin America
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0010
China’s Economic Expansion in Sub-Saharan Africa
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0006
Social, Political, and Environmental Impacts in Sub-Saharan Africa
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0008
Social, Political, and Environmental Impacts in Latin America
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0011
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0003
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0014
China’s Economic Impacts on Sub-Saharan Africa
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0007
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0004
Transbordamento de risco de preço entre os mercados de milho e soja no Brasil
Tonin, J. M. (2019) · Digital Library of Theses and Dissertations (Universidade de São Paulo) · doi:10.11606/t.11.2019.tde-29032019-112429
Dedi, V. (2019) · Surrey Research Insight Open Access (The University of Surrey) · doi:10.15126/thesis.00850105
Recent movement of oil prices and future scenarios
Aiube, F. A. L., & Levy, A. (2019) · Nova Economia · doi:10.1590/0103-6351/4159
An econometric analysis of global agricultural commodity prices
Spavound, S. (2019) · Lancaster EPrints (Lancaster University) · doi:10.17635/lancaster/thesis/526
Asymmetric volatility connectedness on forex marketsPreprint
Baruník, J., Evžen Kočenda, A., & Vácha, L. (2016) · RePEc: Research Papers in Economics · doi:10.48550/arxiv.1607.08214
Boom-and-Bust Cycles in Emerging Markets: How Important is the Exchange Rate?Preprint
Hong Kong Institute for Monetary and Financial Research (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3011805
The Implications of an Informationally Efficient Futures MarketPreprint
Borocco, E. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.2787821
Can Gaussian factor models of commodity prices capture the financialization phenomenon?
Aiube, F. A. L., & Faquieri, W. B. (2019) · The North American Journal of Economics and Finance · doi:10.1016/j.najef.2019.101028
Long Memory in LME Volatility through the ARFIMA and FIGARCH Model
Park, J., & 김현숙 (2016) · Korean Journal of Financial Engineering · doi:10.35527/kfedoi.2016.15.4.002
Panel quantile regressions for estimating and predicting the Value--at--Risk of commoditiesPreprint
Čech, F., & Baruník, J. (2018) · RePEc: Research Papers in Economics · doi:10.48550/arxiv.1807.11823
Evaluating the Portfolio Rebalancing Hypothesis in the Presence of the International Goods MarketPreprint
McKinnon, K. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3493983
Investing in Commodities in Times of Uncertainty and Lax Monetary Policy
Triantafyllou, A. (2020) · Advances in finance, accounting, and economics book series · doi:10.4018/978-1-7998-2436-7.ch001
Jaiswal, R., & Uchil, R. (2020) · Asian Journal of Business and Accounting · doi:10.22452/ajba.vol13no2.9
Jha, A., & Wolak, F. A. (2019)
Financialization in Commodity Markets: Disentangling the Crisis from the Style EffectPreprint
Adams, Z., & Glück, T. W. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2479854
Is Financialization Effect Detectable within International Oil Markets?Preprint
Focacci, A. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3131084
Stock-Oil Comovement: Fundamentals or Financialization?Preprint
Melone, A., Randl, O., Sögner, L., & Zechner, J. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3668239
Taming Private Leviathans: Regulation versus Taxation
Arezki, R., Islam, A. M., & Rota‐Graziosi, G. (2021) · World Bank, Washington, DC eBooks · doi:10.1596/1813-9450-9531
Los efectos de la financiarización sobre la naturaleza en el contexto de la pandemia COVID-19
Sánchez, G. A. R. (2020) · Yeiyá · doi:10.33182/y.v1i1.1252
Re-investigating the oil-food price co-movement using wavelet analysisPreprint
Mastroeni, L., Quaresima, G., & Vellucci, P. (2021) · arXiv (Cornell University)
Booms in Agricultural & Non-Agricultural Prices: Who Is Responsible?
Cincinelli, P., Damiani, A. J., Jaiswal‐Dale, A., & Zanotti, G. (2021) · Journal of Accounting and Finance · doi:10.33423/jaf.v21i3.4396
Time-varying volatility in European energy markets.
Koutroukis, A. (2021)
Uddin, G. S., & Boubakri, S. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3282710
Factores relevantes de la inestabilidad del mercado petrolero
Puyana, A., Peña, I. R., & Manrique, L. G. (2021) · Revista de Economía Institucional · doi:10.18601/01245996.v23n45.11
Huang, L., Lin, T., & Lu, F. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3948407
Hamori, S. (2019) · MDPI eBooks · doi:10.3390/books978-3-03897-707-0
Unprofitability of food market investments
Vinzelberg, A., & Auer, B. R. (2022) · Managerial and Decision Economics · doi:10.1002/mde.3570
Jenkins, R. (2018) · Oxford University Press eBooks · doi:10.1093/oso/9780198738510.003.0013
(2014) · Elsevier eBooks · doi:10.1016/b978-0-12-386968-5.00030-3
Sugar With Your Coffee?: Financials, Fundamentals, and Soft Price Uncertainty
Covindassamy, G., Robe, M. A., & Wallen, J. (2016) · doi:10.18235/0000865
Comportamento do preço das ações de frigoríficos de carne bovina: de 2015 a 2021
Kuhn, J. G., de OLIVEIRA, L., & Barcellos, J. O. J. (2022) · Revista colombiana de investigaciones agroindustriales · doi:10.23850/24220582.4378
Rebalancing effects of commodity indices on open interest, volume and prices
Schmid, F., Mayer, H. G., Wanner, M., & Rathgeber, A. (2022) · European Journal of Finance · doi:10.1080/1351847x.2022.2098793
THE IMPACT OF OIL PRICE UNCERTAINTY ON US STOCK RETURNS
Tse, Y. (2022) · Applied Finance Letters · doi:10.24135/afl.v11i1.536
China’s Economic Expansion in Latin America and the Caribbean
Jenkins, R. (2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.003.0010
China’s Economic Impacts on Latin America
Jenkins, R. (2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.003.0011
Jenkins, R. (2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.003.0014
Jenkins, R. (2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.003.0013
Jenkins, R. (2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.003.0006
(2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.002.0005
(2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.002.0009
(2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.002.0010
Jenkins, R. (2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.003.0001
(2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.002.0003
(2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.002.0004
(2022) · Oxford University Press eBooks · doi:10.1093/oso/9780192866356.002.0007
Metadata
- Authors
- Cheng, I.-H., & Xiong, W.
- Affiliations
- Dartmouth College (US)
- National Bureau of Economic Research (US)
- Venue
- Annual Review of Financial Economics
- Publisher
- Annual Reviews
- Published
- 2014-12-01
- Volume
- 6
- Issue
- 1
- Pages
- 419-441
- ISSN
- 1941-1367 (ISSN-L)
- 1941-1375
- OpenAlex
- W3184178316
- Cited by
- 810
- References
- 88
- Citations by year
- 2026: 65 · 2025: 69 · 2024: 53 · 2023: 75 · 2022: 117 · 2021: 60 · 2020: 72 · 2019: 68 · 2018: 71 · 2017: 64 · 2016: 42 · 2015: 29 · 2014: 18
- FWCI
- 10.27
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Locations
- Annual Review of Financial Economics (publishedVersion)
- National Bureau of Economic Research (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- National Bureau of Economic Research (submittedVersion)
- Funders
- Smith Richardson Foundation
- Sid W. Richardson Foundation
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
- Keywords
- financialization, commodity futures markets, price bubbles, risk sharing, information discovery, financial investors, commodity prices
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
